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NZ Finance Minister introduces 2006 budget

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Thursday, May 18, 2006

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Today the New Zealand Finance Minister, Hon. Dr Michael Cullen, presented the 2006 New Zealand Budget to the House of Representatives. There is a NZ$8.5 billion OBERAC surplus and a NZ$1.5 billion cash surplus.

It has been labelled as the "Bondi Budget" by National leader Don Brash, "Helen Clark and Michael Cullen believe there is a place for tax cuts - it's called Australia" he said.

The budget allocates new operating spending of $9.6 billion and capital of $2.7 billion over the next four years.

Key issues in the budget includes:

  • The Telecom New Zealand local loop unbundling (released earlier due to leak).
  • $1.3 billion extra for transport.
  • $3 billion extra for health care, over the next four years.
  • $361 million extra for schooling
  • $166 million extra for tertiary education and skill training
  • $162 million extra for early childhood education

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